Q+A: Are foreign buyers rushing to beat the ban?

Property data analysts CoreLogic NZ says there appears to have been an increase in foreign buyer activity in the Auckland housing market over the last few months, with foreign buyers rushing in to try to beat the Government's looming ban a likely cause. 

The Government's much promised legislation banning foreign home purchases is not yet law and is still making its way through Parliament. It is currently before a Select Committee, which is due to report back in late May.

Nick Goodall, Head of Research at CoreLogic NZ, told Corin Dann in this week's Q+A Business Podcast that according to the last quarter of figures recorded by Land Information New Zealand, the number of property buyers who aren't tax registered in New Zealand had increased to six per cent in the Auckland housing market.  

For the last couple of years foreign purchases of houses in Auckland had been running at around four to five per cent. There was no change across the country in the last quarter, with the number of foreign buyers running at around three per cent. 

Nick Goodall says the uptick in Auckland could be a sign of people trying to get into the Auckland market before the buyers ban comes into place. 

Mr Goodall, however, cautioned that the true impact of foreign buyers is always hard to determine in New Zealand as the data from Land Information New Zealand isn't perfect.

Meanwhile the Government has confirmed it is yet to resolve a trade glitch with the proposed new foreign buyers law, that could see it breach New Zealand's Free Trade deal with Singapore.

A spokesman for Associate Finance spokesman David Parker says negotiations with Singapore over the matter are still on-going.

Housing Minister Phil Twyford signalled when first releasing details of the new law that if a solution to the Singapore trade matter couldn't be found, the Government may have to give Singaporean citizens an exemption to the law. 

This week on QA Business Podcast Corin talks to MYOB's NZ General Manager Carolyn Luey about the lack of women in the IT sector in New Zealand and what can be done about it. Source: Q+A

 

Corin Dann looks expectations ahead of the budget and speaks to Nick Goodall Head of Research at Corelogic NZ about the outlook for the housing market. Source: 1 NEWS



Person in critical condition after being hit by bus in Christchurch

One person’s been hospitalised in a critical condition after being hit by a bus in Christchurch this morning.

Emergency services were called to Main North Road in Redwood around 8am.

A police spokesperson says the road has been closed and motorists are being asked to follow the direction of emergency services.

A bus driver at the wheel.

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'We were really excited' - hear the voices of some of the first New Zealand women to vote 125 years ago

Today marks the 125th anniversary of women’s suffrage in New Zealand, which made our small island the first self-governing nation to grant women the right to vote.

It wasn’t a smooth road, however, and although not as long or violent as other campaigns for the vote in the UK and US years later, Kiwi women faced their share of opposition.

A strong push for the vote began in the late 1870s when electoral bills were being put forward to Parliament which had clauses saying it gave women the right to vote, not just men.

But it was much earlier that a handful of women began advocating for voting rights for women.

“It was just a few maverick voices at that point, but it was being discussed,” says Victoria University's Professor Charlotte Macdonald.

The movement picked up steam when the Women’s Christian Temperance formed nationwide in New Zealand.

That’s when women started saying, “we want to change the politics in the places that we live”, says Professor Macdonald.

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For more on this story, watch 1 NEWS at 6pm. Source: 1 NEWS

It wasn’t just for political equality, but for moral reform to protect women, she says.

“They were saying ‘we need to organise to get the vote because without that no matter what we do we’re just going to get cast aside’.”

From there, women began a much larger campaign which involved petitioning, public meetings, writing letters to the editor and working with sympathetic MPs.

A lot of their efforts failed, but the women tirelessly continued to work for equality in voting rights.

From 1886 to 1892, a series of petitions were presented to Parliament.

“Petitioning was the only way in which women, and people outside Parliament, could have their voice heard and the British suffrage campaign was petitioning at the same time so it’s a well-known technique,” says Otago University's Professor Barbara Brookes.

“It was also a really important educationally technique because if you’re going to sign a petition people usually explain to you what it’s about.”

Nearly 32,000 signatures were obtained from women across the country including many Māori women.

It was on September 19, 1893, following another petition and electoral bill passed in the House when Governor Lord Glasgow signed the bill into law and women granted the right to vote.

When election day finally comes in November 28, 1893, 82 per cent of women over the age of 21 turn out to vote.

This changed the course of women’s lives in New Zealand leading to many policy changes for women, female MP being elected to Parliament 40 years later and eventually three female prime ministers.

And take a brief look at the journey Kiwi women took to be granted the right to vote in NZ. Source: 1 NEWS

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Most read: Jacinda Ardern’s GDP gaffe is understandable and not of much consequence, says economist

Shortly after Jacinda Ardern misspoke about economic data during a radio interview yesterday, the Kiwi dollar briefly rose.

It resulted in widespread media coverage and gave Opposition leader Simon Bridges an opening to throw another jab in their perpetual political joust, calling her "distracted".

But even if the Prime Minister's statement did cause the dollar to quiver, does it matter in the scheme of things?

"Not really," said Christina Leung, principal economist for the NZ Institute of Economic Research, as she discussed the issue on TVNZ1's Breakfast today.

"The miscommunication is understandable," she said of the interview, in which Newstalk ZB host Mike Hosking asked a question about tomorrow's release of gross-domestic product (GDP) figures and Ms Ardern replied, "I am very pleased with the way we are tracking".

The Prime Minister later clarified that she wasn't talking about GDP figures, which she isn't given advanced access to, but instead to the Government's balance sheet.

The Opposition says it shows the Prime Minister is distracted. Source: 1 NEWS

"Financial markets do tend to focus on the glamour stats...like GDP," Ms Leung said today. "And then the Prime Minister would be more focused, of course, about what implications of growth are on tax revenue and what it means for the Government's balance sheet."

Ms Leung said she didn't find the misstatement concerning. The GDP figures released tomorrow will look back to the June quarter, so they won't be affected in any way by a statement after the fact, she said.

And she's also not convinced the PM's statement caused the brief rise in the Kiwi dollar's value, from 65.78 to 65.84 US cents.

"It's always hard to link up what's driving the New Zealand dollar," she said. "A lot of financial markets are driven by a lot of different factors.

The Kiwi dollar rose slightly this morning following a radio interview in which some thought the PM had a sneak peek of Thursday’s figures. Source: 1 NEWS

"Ultimately, what effects the longer-term influence on the New Zealand dollar would be the interest rate differentials between New Zealand and the other major economies - particularly what's going on in the US."

With retail activity and construction "looking quite strong" in New Zealand, Ms Leung said she expects to see "fairly solid growth for the June quarter" - of up to one per cent - when the GDP stats are released tomorrow morning.

Christina Leung, principal economist for the NZ Institute of Economic Research, also tells Breakfast the outlook for tomorrow’s GDP announcement is good. Source: Breakfast


'She was extraordinary' - Jacinda Ardern hails mother as 125 years of women’s suffrage celebrated

Hundreds of celebrations are taking place across the country to mark 125 years since Kiwi women received the right to vote.

Prime Minister Jacinda Ardern marked the historic occasion from Auckland's Aotea Square this morning, where she acknowledged her mother as just one of New Zealand's many inspirational women.

Acting Minister for Women Eugenie Sage also acknowledged the work of women such as Kate Sheppard, Meri Te Tai Mangakāhia and others who tirelessly campaigned for women's suffrage.

The Electoral Act, signed into law on September 19, 1893, gave women over the age of 21 the right to vote in parliamentary elections - the first country in the world to do so.

The PM spoke about New Zealand’s inspirational women in central Auckland today, including one close to her heart. Source: 1 NEWS